IDACORP, Inc. (IDA) Cut to “Hold” at Zacks Investment Research
IDACORP, Inc. (NYSE:IDA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Shares of IDACORP have returned more than the industry in the last 12 months. IDACORP's second quarter 2017 earnings missed the Zacks Consensus Estimate primarily due to soft irrigation sales. IDACORP continues to gain from improving economic conditions in service territories, which, in turn, is increasing the demand for utility services. The utility has plans to invest nearly $1.5 billion over 2017-2021 for transmission and plant expansion projects, which will allow the company to provide efficient services to expanding customer base. However, the company operates under stringent regulatory environment and operation of its hydro-electric power generation units require licenses and the permitting process could involve a number of stringent conditions which may lead to significant capital expenditures. Currently, the valuation of the company appears to be stretched on a P/E multiple basis.”
Separately, BidaskClub upgraded IDACORP from a “sell” rating to a “hold” rating in a report on Friday, August 25th.
Shares of IDACORP (NYSE:IDA) opened at 88.81 on Wednesday. The firm has a market cap of $4.48 billion, a price-to-earnings ratio of 22.43 and a beta of 0.51. IDACORP has a 1-year low of $72.93 and a 1-year high of $90.67. The company’s 50 day moving average price is $86.53 and its 200-day moving average price is $84.77.
IDACORP (NYSE:IDA) last announced its quarterly earnings data on Thursday, August 3rd. The coal producer reported $0.99 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.06 by $0.07. The company had revenue of $333.01 million during the quarter. IDACORP had a net margin of 15.31% and a return on equity of 9.20%. During the same period last year, the firm earned $1.12 EPS. Equities analysts expect that IDACORP will post $4.00 EPS for the current fiscal year.
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In other IDACORP news, VP Lisa A. Grow sold 1,200 shares of the business’s stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $88.62, for a total transaction of $106,344.00. Following the sale, the vice president now owns 17,248 shares of the company’s stock, valued at $1,528,517.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.71% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of the company. Teachers Advisors LLC boosted its stake in shares of IDACORP by 2.3% in the fourth quarter. Teachers Advisors LLC now owns 83,365 shares of the coal producer’s stock worth $6,715,000 after buying an additional 1,870 shares during the period. Creative Planning raised its position in shares of IDACORP by 39.5% in the first quarter. Creative Planning now owns 2,579 shares of the coal producer’s stock valued at $214,000 after buying an additional 730 shares in the last quarter. Capstone Asset Management Co. raised its position in shares of IDACORP by 2.7% in the first quarter. Capstone Asset Management Co. now owns 3,812 shares of the coal producer’s stock valued at $316,000 after buying an additional 100 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of IDACORP by 41.3% in the first quarter. Russell Investments Group Ltd. now owns 25,634 shares of the coal producer’s stock valued at $2,127,000 after buying an additional 7,494 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund raised its position in shares of IDACORP by 3.4% in the first quarter. Oregon Public Employees Retirement Fund now owns 17,786 shares of the coal producer’s stock valued at $1,476,000 after buying an additional 584 shares in the last quarter. 75.95% of the stock is currently owned by institutional investors.
IDACORP Company Profile
IDACORP, Inc is a holding company. The Company’s principal operating subsidiary is Idaho Power Company (Idaho Power). The Company’s segment is utility operations. The utility operations segment’s primary source of revenue is the regulated operations of Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sale and purchase of electric energy and capacity.
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